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Varmora Granito Ltd
Listed
Morbi-based maker of ceramic and vitrified tiles with eight plants and domestic and export distribution.
Issue details
Price band
₹140 – ₹148
Face value
₹2
Lot size
101 shares
Minimum investment
₹14,948
Issue size
₹708.02 Cr
Fresh issue
₹320 Cr
Offer for sale
₹388.02 Cr
Issue type
Book Built
Exchange
NSE, BSE
Key dates
Opens
22 Sep 2026
Closes
24 Sep 2026
UPI mandate cut-off
5:00 PM on 24 Sep 2026
Allotment
25 Sep 2026
Refunds
28 Sep 2026
Shares in demat
28 Sep 2026
Listing
29 Sep 2026
Subscription and listing
Subscription
1.42x
Listing price
₹155
Registrar
KFin Technologies Ltd
Lead manager
JM Financial, Goldman Sachs (India) Securities, SBI Capital Markets
Subscription by category
Total
1.42x
Total applications
1,38,066
Anchor investors
Amount raised
₹212.41 Cr
Bid date
21 Sep 2026
50% lock-in ends
24 Oct 2026
Rest lock-in ends
23 Dec 2026
Listing day
Issue price
₹148
Open
₹155.00
High
₹163.77
Low
₹148.10
Day close
₹152.19
Listing gain at open
+4.73%
Issue structure
Shares reserved per category and share of the total issue
QIB
2,39,19,626
50.00%
Anchor Investor
1,43,51,775
30.00%
QIB (Ex. Anchor)
95,67,851
20.00%
NII
71,75,889
15.00%
bNII > ₹10L
47,83,926
10.00%
sNII < ₹10L
23,91,963
5.00%
Retail
1,67,43,740
35.00%
Total
4,78,39,255
100.00%
Finaccle’s quick read
Avoid
Revenue grew just 5% while PAT swung from ₹44.94 Cr to ₹30.77 Cr to ₹55.09 Cr; ROE of 6.80% and a post-issue P/E of 60.66 point to a rich valuation, and 55% of the ₹708 Cr issue is OFS.
A rules-based screen of growth, margins, debt and valuation, built from the offer document and data on Chittorgarh.com. It is for information only and is not investment advice or a recommendation to buy or sell. Read the RHP and speak to a SEBI-registered adviser before you apply.
About the company
Varmora Granito makes ceramic and vitrified tiles, mainly glazed vitrified and technical tiles, from eight plants in the Morbi cluster of Gujarat. It sells across India through 305 exclusive brand outlets and over 2,700 multi-brand outlets, serving retail and project buyers. It employs over 1,150 permanent staff and reported total income of ₹1,562.53 Cr in FY26.
Founded
Promoters
Products and segments
Promoter holding
Financial performance
Period
PAT
ROE
6.80%
ROCE
9.89%
Debt / equity
—
PAT margin
3.53%
P/E post issue
60.66
Market cap
₹3,344.97 Cr
Use of IPO money
Repayment/prepayment of borrowings (company and subsidiaries)
₹245.00 Cr
General corporate purposes
₹48.00 Cr
Issue expenses
₹59.70 Cr
Strengths
✓
Large tile maker with eight plants in the Morbi cluster
✓
Pan-India network of exclusive and multi-brand outlets
✓
Premium GVT and technical tiles form most of revenue
✓
Fresh issue proceeds cut debt materially
Risks to watch
!
Post-issue P/E of 60.66 is rich for a 3.53% PAT margin
!
Over half the issue (₹388.02 Cr) is OFS by Katsura Investments
!
Profit is erratic: ₹44.94 Cr, then ₹30.77 Cr, then ₹55.09 Cr
!
Low ROE of 6.80% and ROCE of 9.89%
!
Revenue growth only about 5% in FY26
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Last updated:
Information is compiled from exchange notices and the company’s offer document. It is for general information only and is not investment advice or a recommendation to apply. Read the prospectus before investing.